NatWest-RBS said on Friday it looks forward to “seeing the detail” in the newly announced plan by the UK government’s finance minister John Healey to slash the red tape that is “choking” British companies.
“From family-run bakeries to high tech manufacturers and financial services firms, businesses across the country are set to save almost £800 million in administrative and tariff costs per year with government making changes that mean less time filling in forms, removing duplicate requests for information, leaving more time to run and grow business,” said the UK government.
The UK government said it is introducing the new measures developed in partnership with small businesses to cut bureaucracy, as Prime Minister Andy Burnham and Business Secretary Jonathan Reynolds meet small business leaders at No 10 North in Manchester.
Robert Begbie, CEO of Commercial & Institutional at NatWest-RBS, said: “As the UK’s biggest bank for business, we spend a lot of time speaking to entrepreneurs and growing businesses across the country.
“A consistent theme we hear is that business owners are often required to wear many hats, balancing day-to-day operations alongside the administrative and regulatory demands that come with running a business.
“Today’s announcement is a positive step towards addressing some of those challenges. Reducing unnecessary complexity can help founders spend less time on paperwork and more time focused on customers, innovation, investment and growth.
“Through NatWest Accelerator, we see first-hand the ambition that exists across the UK’s start-up and scale-up community. The challenge is often not ambition, but having the time, confidence and support needed to turn that ambition into sustainable growth.
“Creating the right conditions for businesses to focus on growth, alongside access to finance, skills and networks, will help more businesses start, grow and scale across the UK.
“We look forward to seeing the detail behind today’s announcement and how it can help businesses spend more time growing their business and less time navigating unnecessary complexity.”